Improving insurance claims outcomes through IoT
A data-driven approach to insurance claims management
The insurance claims process has always relied on subjective and after-the-fact data. The claims process is reactive, open to fraud, and often unsatisfactory to consumers. IoT sensors provide objective data about what happened to an insured asset leading up to, during, and immediately following a loss event, leading to reduced claims costs, faster claims processes, and better customer relationships.
Reduce claims costs
IoT data provides a step-change improvement in risk assessment over traditional factors which are largely proxies for asset risk. Smart device data allows insurers to identify discrete indicators of risk and build models that turn individual behaviors into risk pricing. Our platform includes tools to help you build new risk models and market-ready models you can leverage from day one.
Resolve claims faster
Customers want their insurance products personalized to their needs and priced transparently. IoT sensors enable insurers to clearly understand the risk of loss posed by a policy and therefore offer truly individualized insurance products. Personalized feedback on how to reduce risk and insurance premiums lead to increased customer satisfaction and retetion.
Increase customer satisfaction
When combined with policyholder data, insurance IoT data can be used for more than just risk pricing. This rich data set can provide insights into policyholder segmentation, sales and marketing opportunities, new IoT applications, and new risk factors. Our platform provides enterprise-level analytical tools to help insurers discover and share powerful insights.
Claims management suite overview
|Claims management tools: Improve critical aspects of the claims processes such as FNOL and fraud prevention through IoT-driven event management applications.|
|Claims management services: Improve claim-related service outcomes by connecting third-party services or leveraging Octo’s integrated services.|
|Detect vehicle accidents and use crash reconstruction analytics to validate policyholder claims.|
|Immediately detect a fire alarm trigger, notify the policyholder, and dispatch emergency services to mitigate claims costs.|
|Improve customer satisfaction by levearging IoT data to process and settle claims faster.|
Learn more about our platform
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